Habib Bank Limited and The Bank of Punjab have now imposed monthly fees on high-value accounts.
Habib Bank has imposed a 6 percent monthly fee on checking accounts with month’s last day balances of Rs. 5 billion and above (or equivalent in case of FCY). Meanwhile, a flat fee of 3 percent will be charged on foreign currency accounts.
The Bank of Punjab has imposed a flat monthly fee of 5 percent on all conventional Savings Accounts with balances of Rs. 3 billion and above (or equivalent in case of FCY) as of the last day of the month.
The change has been updated in the banks’ existing schedule of charges for the period July-December 2024. The charges are applicable from December 20th.
This is in response to the federal government’s hefty 16 percent tax on banks with an Advance-to-Deposit Ratio of less than 50 percent. Banks are looking to avoid paying the big ADR tax and could go to any legal lengths seeking cover.
Bank Alfalah Limited last week first imposed a 5 percent monthly fee on all checking accounts.
This will eventually increase cash in circulation
Hahaha. Reduce deposit to increase the ratio. Nice strategy.
This will prompt the clients to move their funds out of the country. Banks are already looting the public and bankers are getting fatter and fatter. I don’t think we can ever learn. Never.
Silly and short sighted move. Banks have been sleeping if their ADRd are below 50% and to use antics like fees is greed magnified. SBP should take notice and fine then!
Exactly
Kudos! Very enlightening to discourage Pakistani’s to safe and contribute towards Pakistan.
Move your funds to mutual funds!
Meezan Sovereign Fund is at 18% right now!!
Totally agree with you
Organizations will split high value accounts between different banks and overall deposits (Country level) remains the same.
Sagheer Ahmad
03069259325
Hahaha
I think this government wants to go home immediately